The Space Propulsion Market is experiencing significant growth, driven by technological advancements and the increasing demand for satellite launches and space exploration missions. According to a research report titled "Space Propulsion Market" published by MarketsandMarkets, the market is projected to expand from USD 8.3 billion in 2021 to USD 22.5 billion by 2026, representing a compound annual growth rate (CAGR) of 22.1%. This blog post delves into the key findings of the report and highlights the factors driving the growth of the space propulsion industry.
Key Market Players
Key players of space propulsion market comprise Safran (France), Aerojet Rocketdyne Holdings, Inc. (US), SpaceX (US), IHI Corporation (Japan), and Northrop Grumman Corporation (US) and few others. These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North America, European, Asia Pacific, Middle East & Africa and South America.
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Thrusters Leading the Way
Among the different system components, the thrusters segment is projected to hold the highest market share in the space propulsion market. Thrusters play a crucial role in maneuvering and controlling the orbit of satellites, making them indispensable for space missions.
Non-Chemical Propulsion on the Rise
The report also highlights the growing demand for non-chemical propulsion systems in the space propulsion market. The non-chemical propulsion segment is expected to lead the market during the forecast period. This trend can be attributed to the need for low-cost and reusable propulsion systems, driving innovation in the development of non-chemical propulsion technologies.
Low Earth Orbit Taking Centre Stage
In terms of orbit, the Low Earth Orbit (LEO) segment is projected to dominate the space propulsion market. The rising demand for communication and earth observation satellites is fueling the growth of the LEO segment. As the deployment of small satellites and CubeSats increases for commercial and government applications, the demand for space propulsion systems is expected to surge.
Satellites Driving Growth
The satellite segment is anticipated to witness the highest compound annual growth rate among different platforms in the space propulsion market. The increasing number of small satellite launches for both commercial and government purposes, coupled with the adoption of advanced technologies in small satellites and CubeSats, is propelling the demand for space propulsion systems in this segment.
Government & Defense Leading the Way
Based on the end-user segment, the Government & Defense sub-segment is projected to hold the highest market share during the forecast period. This growth can be attributed to the increasing number of space exploration missions and the rising budgets allocated to space exploration endeavors.
North America at the Forefront
North America is expected to maintain the largest market share in the space propulsion market by 2026. The region's strong presence of original equipment manufacturers (OEMs), coupled with the rising number of small satellite launches and the entry of private players like SpaceX, has propelled the growth of the space industry in recent years.
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However, over the recent years, the utilization of space has also become prominent for civil applications besides the military ones.
In particular, the commercial space sector is observing an increase in the number of satellite start-ups, which are frequently developing disruptive technologies for the space industry, such as small satellites (micro, nano, pico, and femto).
During the initial years of the development of space technologies, the primary focus of companies had been on developing heavy and large-sized satellites.
However, over recent times, the space industry has witnessed a number of technological advancements which have created substantial demand for small-size satellites as well as cost-effective launch solutions.
With the increase in the capabilities of small satellites, the space industry is increasing its strategic utility, thus motivating various stakeholders including government, space agencies, and private companies to develop dedicated and next-generation small satellite constellations.
Presently, small satellites are being increasingly used for applications such as weather forecast, surveillance, earth observation, navigation, communication, meteorology, and other purposes.
